The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reported that the Mazhilis has considered, and approved at first reading, draft laws to update the framework for banks and banking and to amend related legislation on financial market regulation and development. The proposed new banking law would significantly restructure existing provisions, set financial stability of the banking system as the primary regulatory objective, and introduce new sections covering bank corporate governance, conduct supervision, and the treatment of insolvent banks. The package is intended to strengthen the legal foundations for banking system operations, enhance regulatory and supervisory mechanisms, and protect the rights and legitimate interests of depositors, bank creditors, and clients. Key directions include introducing proportional regulation of banking activity, developing the financial technology sector and regulating digital financial assets, supporting Islamic banking, building a risk-based conduct supervision system, creating a new mechanism for handling insolvent banks, and further improving bank regulation; adoption is framed as supporting alignment with international standards, competition, and innovation in the financial sector.

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